&XUVR5HJXODU7HyULFR

$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL

 $XOD±6LQWD[HGH&RQFRUGkQFLD±SDUWH

+RMH FRPHoDUHPRV D WUDWDU GH XP GRV SRQWRV PDLV LPSRUWDQWHV QR
HVWXGR GD /tQJXD 3RUWXJXHVD GH IRUPD JHUDO H HVSHFLDOPHQWH SDUD
FRQFXUVRVS~EOLFRV&21&25'Æ1&,$
,QIHOL]PHQWHKiPXLWDVUHJUDVQHVVHSRQWRGRSURJUDPDPRWLYRTXH
QRVOHYDDGLYLGLORHPGXDVSDUWHV
6HPSUH TXH SRVVtYHO SURFXUDUHPRV IDFLOLWDU D VXD YLGD FRP GLFDV H
PpWRGRVGHPHPRUL]DomR
&21&25'Æ1&,$ FRQVLVWH QR PHFDQLVPR TXH OHYD DV SDODYUDV D
DGHTXDUHPVHXPDVjVRXWUDVKDUPRQLFDPHQWHQDFRQVWUXomRIUDVDO
³&RQFRUGDU´VLJQLILFD³HVWDUGHDFRUGRFRP´$VVLPQDFRQFRUGkQFLD
WDQWR QRPLQDO TXDQWR YHUEDO RV HOHPHQWRV TXH FRPS}HP D IUDVH
GHYHPHVWDUHPFRQVRQkQFLDXQVFRPRVRXWURV
(VVDFRQFRUGkQFLDSRGHUiVHUIHLWDGHGXDVIRUPDV
JUDPDWLFDORXOyJLFD±VHJXHRVSDGU}HVJUDPDWLFDLVYLJHQWHV
 DWUDWLYD RX LGHROyJLFD ± Gi rQIDVH D DSHQDV XP GRV YiULRV
HOHPHQWRV FRP YDORU HVWLOtVWLFR RX SDUD GHVWDFDU D LGHLD HP
GHWULPHQWRGRDVSHFWRJUDPDWLFDO
&21&25'Æ1&,$9(5%$/±YDULDomRGRYHUERFRQIRUPDQGRVHDR
Q~PHURHjSHVVRDGRVXMHLWR
&21&25'Æ1&,$ 120,1$/ ± DGHTXDomR HQWUH R VXEVWDQWLYR H RV
HOHPHQWRVTXHDHOHVHUHIHUHPDUWLJRSURQRPHDGMHWLYR
&RPR PXLWDV TXHVW}HV DERUGDP WDQWR FRQFRUGkQFLD QRPLQDO TXDQWR
YHUEDO WRUQDQGRVH LPSRVVtYHO WUDWDU FDGD XPD GHODV GH IRUPD
LVRODGD SDUD WRUQDU PDLV GLGiWLFR R QRVVR HVWXGR GHL[DPRV SDUD D
SUy[LPDDXODDDSUHVHQWDomRGHTXHVW}HVGHIL[DomR
,VVR VLJQLILFD TXH QRVVD DXOD GH KRMH VHUi WHyULFD FRP D
DSUHVHQWDomR GH DOJXPDV TXHVW}HV GH SURYD VRPHQWH D WtWXOR
H[HPSOLILFDWLYR
0DV QmR VH SUHRFXSH QD SUy[LPD VHPDQD DV TXHVW}HV HQYROYHUmR
WRGR R SURJUDPD FRQFRUGkQFLD QRPLQDO H YHUEDO H YRFr SRGHUi
SUDWLFDUEDVWDQWH

3DUD HVWXGDUPRV FRQFRUGkQFLD GHYHPRV WHU FODURV RV FRQFHLWRV H
IXQo}HVGHDOJXQVWHUPRVGDRUDomR
'H LQtFLR OHPEUDPRV D GLVWLQomR HQWUH DV &/$66(6 *5$0$7,&$,6 H
)81d®(66,17È7,&$6
&RVWXPRGDURVHJXLQWHH[HPSOR-2­2pXPD~QLFDSHVVRD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


1R HQWDQWR -2­2 SRGH H[HUFHU XPD LQILQLGDGH GH IXQo}HV QD
VRFLHGDGH (P FDVD -2­2 p XP SDL ]HORVR H PDULGR H[HPSODU 1R
FRQGRPtQLRHPTXHPRUD-2­2pRVtQGLFRHYL]LQKRDWHQFLRVR(P
VHXWUDEDOKR-2­2pFKHIHGHVHWRU1DLJUHMDpR25*$1,67$
$VVLP IXQFLRQDP DV SDODYUDV (P DQDORJLD D -2­2 DSUHVHQWDPRV
XP 68%67$17,92 FODVVH JUDPDWLFDO TXH QmR VH PRGLILFD (VVH
VXEVWDQWLYR FODVVH JUDPDWLFDO SRGH H[HUFHU YiULDV IXQo}HV
VLQWiWLFDV 3RGH VHU R Q~FOHR GR VXMHLWR R REMHWR GLUHWR R REMHWR
LQGLUHWRRSUHGLFDWLYRGRVXMHLWRHWF
e FRPR VH D FODVVH JUDPDWLFDO IRVVH -2­2 H DV IXQo}HV VLQWiWLFDV
IRVVHP ³SDL ]HORVR´ ³PDULGR H[HPSODU´ ³VtQGLFR´ ³FKHIH´
³RUJDQLVWD´RXVHMDDSDODYUDSHUWHQFHDFHUWDFODVVHJUDPDWLFDOHD
IXQomRVLQWiWLFDTXHH[HUFHSRGHDOJXPDVYH]HVYDULDUDGHSHQGHU
GDHVWUXWXUDRUDFLRQDO
9DPRVDJRUDUHOHPEUDUDWDEHODGH FODVVHGDV SDODYUDVYDULiYHLVH
LQYDULiYHLVDSUHVHQWDGDQD$XOD

&/$66(6'(3$/$95$6
9$5,È9(,6 ,19$5,È9(,6
6XEVWDQWLYR $GYpUELR
$GMHWLYR 3DODYUD'HQRWDWLYD
$UWLJR 3UHSRVLomR
3URQRPH &RQMXQomR
1XPHUDO ,QWHUMHLomR
9HUER 

)81d®(66,17È7,&$6
7UDWDVHGHXPDQRomRSUHOLPLQDU2DVVXQWRVHUiH[SORUDGRQDDXOD
SUySULDVREUH³7HUPRVGD2UDomR´
6mRWHUPRVHVVHQFLDLVGDRUDomR68-(,72H35(',&$'2
68-(,72
6,03/(6SRVVXLDSHQDVXPQ~FOHR
&2032672DSUHVHQWDPDLVGHXPQ~FOHR
2&8/72pLGHQWLILFDGRSHODGHVLQrQFLDYHUEDO$QGHLSRUHVWUDGDV
RXSRUHVWDUH[SUHVVRHPRUDomRSUHFHGHQWH2%UDVLOMRJRXPDOHIRL
HOLPLQDGR>R%UDVLO@GD&RSDGR0XQGRSHOD)UDQoD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


 ,1'(7(50,1$'2  D DomR YHUEDO p DWULEXtGD D XP VHU TXH QmR p
GHWHUPLQDGRRXVHMD³DOJXpP´SUDWLFRXDDomR6yQmRVHSRGHRX
QmRVHTXHUGHVLJQiOR
25$d­26(068-(,72QmRH[LVWHXPVHUDTXHPVHSRVVDDWULEXLU
DDomRYHUEDO
35(',&$'2
 9(5%$/  $SUHVHQWD XP YHUER TXH LQGLFD XPD DomR SRGHQGR VHU
LQWUDQVLWLYRWUDQVLWLYRGLUHWRRXLQGLUHWR
 120,1$/  $SUHVHQWD XP YHUER GH OLJDomR TXH LQGLFD H SRVVXL
SUHGLFDWLYRGRVXMHLWR
 9(5%2120,1$/  p R SUHGLFDGR TXH IRUPDGR SRU XP YHUER
LQWUDQVLWLYR RX WUDQVLWLYR DWULEXL XPD DomR DR VXMHLWR H XPD
TXDOLGDGHDRVXMHLWR3UHGLFDWLYRGR6XMHLWRRXDRREMHWR3UHGLFDWLYR
GR2EMHWR(VWmRSUHVHQWHVQHVVHSUHGLFDGRWDQWRDDomRSUySULDGR
SUHGLFDGR YHUEDO FRPR R HVWDGR RX D TXDOLGDGH TXH SRGH VHU
DWULEXtGRDRVXMHLWRRXDRREMHWR
 35(',&$7,92 '2 68-(,72  p R WHUPR TXH PHVPR GLVWDQWH VH
UHIHUH DR VXMHLWR 3RGH HVWDU SUHVHQWH QR SUHGLFDGR QRPLQDO RX QR
YHUERQRPLQDO
35(',&$7,92'22%-(72pRWHUPRTXHLQGLFDXPDTXDOLGDGHDR
REMHWRGLUHWRRXLQGLUHWR(VWiSUHVHQWHQRSUHGLFDGRYHUERQRPLQDO
(/(0(1726&203/(0(17$5(6$29(5%2
 2%-(72 ',5(72  p R FRPSOHPHQWR TXH VH OLJD DR YHUER VHP
SUHSRVLomRREULJDWyULD
 2%-(72 ,1',5(72 ± p R FRPSOHPHQWR TXH VH OLJD DR YHUER SRU
PHLRGHXPDSUHSRVLomRREULJDWyULD
 $*(17( '$ 3$66,9$  p R FRPSOHPHQWR TXH QD YR] SDVVLYD FRP
DX[LOLDU GHVLJQD R VHU TXH SUDWLFD D DomR VRIULGD RX UHFHELGD SHOR
VXMHLWRSDFLHQWH
(/(0(1726$&(66Ï5,263RURUDVyQRVLQWHUHVVDXPGHOHV
$'-8172 $'120,1$/ ± RV HOHPHQWRV YrP MXQWR DR QRPH SDUD
GHILQLURXUHVWULQJLUVHXVLJQLILFDGR

&21&25'Æ1&,$120,1$/
5HJUDJHUDO
$ UHJUD JHUDO GHILQH TXH RV WHUPRV SURQRPHV DUWLJRV DGMHWLYRV H
QXPHUDLVTXHGHSHQGHPGRQRPHVXEVWDQWLYRFRPHOHFRQFRUGDP
HPJrQHURHQ~PHUR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


2TXHPDLVQRVLQWHUHVVDHVWXGDUpDFRQFRUGkQFLDHQWUH$'-(7,926
H68%67$17,926SRUFRQVWLWXtUHPYiULRVFDVRVGHFRQFRUGkQFLD
2VQRVVRVPpGLFRVGHVFREULUDPDFXUDGDGRHQoD
3DVVDPRVERQVPRPHQWRVMXQWRV

&DVRVHVSHFLDLV
1R HQWDQWR DOJXQV FDVRV IRJHP j UHJUD JHUDO 9HMDPRV FRPR R
DGMHWLYRVHFRPSRUWDHPFDGDXPGRVFDVRVHVSHFLDLV


2 DGMHWLYR &/$66( *5$0$7,&$/ SRGH H[HUFHU XPD GDV VHJXLQWHV
IXQo}HV VLQWiWLFDV $'-8172 $'120,1$/ 35(',&$7,92 '2
68-(,72RX35(',&$7,92'22%-(72

&$62$'-(7,92QDIXQomRGH$'-8172$'120,1$/
2 QRPH GHVWD IXQomR VLQWiWLFD Mi DMXGD D LGHQWLILFiOD $'-8172
$'120,1$/ VLJQLILFD -8172 $2 120( RX VHMD SDODYUDV TXH YrP
MXQWR DR QRPH FRPSOHPHQWDQGR GHVLJQDQGR RX UHVWULQJLQGR R VHX
VLJQLILFDGR
$'-(7,92$17(32672$0$,6'(8068%67$17,92
$GMHWLYR DQWHSRVWR DR VXEVWDQWLYR QD IXQomR GH DGMXQWR
DGQRPLQDOFRQFRUGDFRPRPDLVSUy[LPR


7XGRFRPHoDFRPDOHWUD$
$GMHWLYR$QWHSRVWRQDIXQomRGH$GMXQWR$GQRPLQDOÎFRQFRUGkQFLD
$WUDWLYD
2EVHUYDUDPVHERDGLVFLSOLQDHVWXGRHWUDEDOKR
'HVIUXWHLGHERDVKRUDVHPRPHQWRVQDTXHOHOXJDU


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL




6HSUHFHGHUXPVXEVWDQWLYRFRPRWtWXORSUHQRPHSDUHQWHVFRRXVH
UHIHULU D QRPHV SUySULRV LQFOXVLYH GH SHVVRDV LOXVWUHV p HPSUHJDGR
6(035(QRSOXUDO
2VLUPmRV3HGURH3DXORHVWLYHUDPDTXL
7LYHPRVDSUHVHQoDGRVLOXVWUHV&HOVR&XQKDH(YDQLOGR%HFKDUD
(OHVHUHIHULXDRVVHQKRUHV0DJDOKmHVH3HL[RWR

$'-(7,9232632672$0$,6'(8068%67$17,92
2 DGMHWLYR SRGH ILFDU QR VLQJXODU FRQFRUGD FRP R PDLV SUy[LPR ±
&21&25'Æ1&,$ $75$7,9$ RX QR SOXUDO FRQFRUGD FRP WRGRV RV
HOHPHQWRV±&21&25'Æ1&,$*5$0$7,&$/
$YRQWDGHHDLQWHOLJrQFLDKXPDQDV
$VFRQTXLVWDVHDVGHVFREHUWDVSRUWXJXHVDV
1D QRUPD JUDPDWLFDO TXDQGR RV VXEVWDQWLYRV WLYHUHP JrQHURV
GLIHUHQWHVPDVFXOLQRHIHPLQLQRRPDVFXOLQRSUHYDOHFH3RGHKDYHU
 VXEVWDQWLYRV IHPLQLQRV H XP PDVFXOLQR H R DGMHWLYR GHYHUi LU
SDUDRPDVFXOLQRYLXFRPRR3RUWXJXrVpPDFKLVWD"""
2FDUURDPRWRFLFOHWDHDELFLFOHWDHQYHQHQDGDRV
2WUDEDOKRHDVUHDOL]Do}HVFRQVHJXLGDVRV
'HIHLWRVHYLUWXGHVYHUGDGHLURVDV

 ± '2,6 28 0$,6 $'-(7,926 &20 80 68%67$17,92 Ki

WUrVSRVVLELOLGDGHV
(VWXGDPRVDFLYLOL]DomRJUHJDHURPDQD
(VWXGDPRVDFLYLOL]DomRJUHJDHDURPDQD
(VWXGDPRVDVFLYLOL]Do}HVJUHJDHURPDQD


(VVHFRQFHLWRMiIRLREMHWRGHSURYDGD&HVSH8Q%9HMDPRV



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


-XOJXHDDVVHUWLYDDEDL[R
6HULDLJXDOPHQWHFRUUHWRVXEVWLWXLURWUHFKR³$VSROtWLFDVILVFDO
H PRQHWiULD FRQWULEXtUDP´ 5 SRU $ SROtWLFD ILVFDO H
PRQHWiULD FRQWULEXLX $ SROtWLFD ILVFDO H D PRQHWiULD
FRQWULEXtUDP RX $V SROtWLFDV ILVFDLV H PRQHWiULDV
FRQWULEXtUDP

(VWH LWHP IRL FRQVLGHUDGR &255(72 )RUDP DSUHVHQWDGDV DV WUrV
SRVVLELOLGDGHV GH FRQFRUGkQFLD HQWUH XP VXEVWDQWLYR H PDLV GH XP
DGMHWLYR 1D SULPHLUD RV GRLV DGMHWLYRV VH OLJDP DR VXEVWDQWLYR H D
FRQFRUGkQFLD YHUEDO VH ID] QR VLQJXODU 1D VHJXQGD IRUPD
LQGLYLGXDOL]RXVH FDGD XPD GDV SROtWLFDV OHYDQGR R YHUER SDUD R
SOXUDO 1D WHUFHLUD H ~OWLPD FRQVWUXomR DSUHVHQWRXVH R VXEVWDQWLYR
QR SOXUDO IOH[LRQDQGRVH R YHUER QR PHVPR Q~PHUR 7RGDV HVVDV
IRUPDVHVWDULDPFRUUHWDV

  2 0(602 $'-(7,92 (0 5(/$d­2 $ 0$,6 '( 80

68%67$17,92
 6H HVWHV VXEVWDQWLYRV IRUHP RX SXGHUHP VHU FRQVLGHUDGRV
6,1Ð1,026 RX IRUPDUHP *5$'$d­2 GDV LGHLDV HQXQFLDGDV R
DGMHWLYR Vy SRGH SHUPDQHFHU QR 6,1*8/$5 FRQFRUGDQGR FRP R
PDLVSUy[LPRTXHUHVWHMDDQWHSRVWRRXSRVSRVWRDRVVXEVWDQWLYRV
(OHVHPSUHWHYHLGHLDHSHQVDPHQWRIL[RQDTXHODPXOKHU
6,1Ð1,026
eSUHFLVRGHGLFDomRDRFDULQKRDPRUHSDL[mRDOKHLD*5$'$d­2
 &RQWXGR VH RV VXEVWDQWLYRV IRUHP DQW{QLPRV R DGMHWLYR VH
IOH[LRQD REULJDWRULDPHQWH QR SOXUDO SRVLomR GH 6DFFRQL HP VXD
*UDPiWLFD%iVLFD
1DTXHOHSDtVKiIULRHFDORULQWHQVRV$17Ð1,026



&8,'$'2 &20 2 6(17,'2 $OJXPDV YH]HV R DGMHWLYR Vy SRGH
HVWDU VH UHIHULQGR D XP GRV VXEVWDQWLYRV FDVR HP TXH GHYHUi
FRQFRUGDUFRPHOH
&RPSUHL QR VXSHUPHUFDGR FDUQH H OHJXPH IUHVFR  IUHVFRV ± $
FRQFRUGkQFLD p IDFXOWDWLYD SRLV WDQWR RV OHJXPHV TXDQWR D FDUQH
SRGHPHVWDUIUHVFRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


&RPSUHLQRVXSHUPHUFDGRFDUQHHOHJXPHYHUGHV±2SD(VVDFDUQH
GHYH HVWDU HVWUDJDGD 2 DGMHWLYR Vy SRGH VH UHIHULU D ³OHJXPH´
GHYHQGRSHUPDQHFHUQRVLQJXODUFDUQHHOHJXPHYHUGH


1&(8)5-&RUUHJHGRULDGH-XVWLoDGR5LRGH-DQHLUR
³UHVSLUDomR H FLUFXODomR VDQJtQHD ´ QD 1RYD
JUDPiWLFD GR SRUWXJXrV FRQWHPSRUkQHR S  R SURI &HOVR
&XQKD GL] ³4XDQGR R DGMHWLYR YHP GHSRLV GRV VXEVWDQWLYRV
VH RV VXEVWDQWLYRV VmR GR PHVPR JrQHUR H GR VLQJXODU R
DGMHWLYR WRPD R JrQHUR GRV VXEVWDQWLYRV H TXDQWR DR Q~PHUR
YDLSDUDRVLQJXODUFRQFRUGkQFLDPDLVFRPXPRXSDUDRSOXUDO
FRQFRUGkQFLDPDLVUDUD´$VVLPVHQGR
$ R DGMHWLYR VDQJtQHD  SRGHULD WDPEpP DSDUHFHU FRP D
IRUPDVDQJtQHDV 
%RDXWRUSUHIHULXDFRQFRUGkQFLDPDLVUDUDjPDLVFRPXP
&RDXWRUGRWH[WRFRPHWHXXPHUURGHFRQFRUGkQFLD
' UD]}HV VHPkQWLFDV ID]HP TXH D ~QLFD IRUPD SRVVtYHO GR
DGMHWLYRVHMDVDQJtQHD 
(D~QLFDIRUPDFRUUHWDGRDGMHWLYRpVDQJtQHDV 
2 JDEDULWR IRL D OHWUD ' 1mR Ki SRVVLELOLGDGH GH R DGMHWLYR
VDQJXtQHDV QRYDJUDILDVHPRWUHPDVHUHIHULUDUHVSLUDomRSRU
UD]}HV VHPkQWLFDV &RQWXGR PXLWRV FDQGLGDWRV OHYDGRV SHOR
HQXQFLDGRGHYHPWHUPDUFDGRDRSomR$HVTXHFHQGRVHGRVHQWLGR
GDVSDODYUDV

$OJXPDVSDODYUDVHVSHFLDLV
 0(602 35Ï35,2 7$/ ± FRPR 352120(6 '(021675$7,926
YDULDP SDUD FRQFRUGDU FRP R VXEVWDQWLYR D TXH VH UHIHUHP RV
SURQRPHVVmRUHJUDJHUDOYDULiYHLV
(ODVPHVPDVQmRVDELDPRSRUTXr
2 YRFiEXOR 0(602 QmR VH IOH[LRQD TXDQGR DSUHVHQWDU YDORU
DGYHUELDO DGYpUELR SHUWHQFH j FODVVH GH SDODYUDV LQYDULiYHLV
HTXLYDOHQWHDUHDOPHQWHGHIDWRRXjSDODYUDLQYDULiYHODWp
(ODVQmRVDEHPRTXHID]HUPHVPRUHDOPHQWH
0HVPRHODVTXHHUDPWmRH[SHULHQWHVQmRVDELDPRTXHID]HU

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL



2 YRFiEXOR 7$/ WDPEpP SRGH VH DSUHVHQWDU QD H[SUHVVmR 7$/
48$/ FDVRHP TXH FDGD HOHPHQWR LUi FRQFRUGDU FRP RVXEVWDQWLYR
RXSURQRPHDTXHVHUHIHULU
(ODTXHULDTXHVXDILOKDIRVVHWDOTXDLVDVSULPDV
(OHVVHFRPSRUWDPWDLVTXDLVRVSDLV
(OHVVHFRPSRUWDPWDLVTXDODPmH


4XHWDOYHUPRVXPDTXHVWmRGHSURYDVREUHLVVR"9DPRVOi
$VVLQDOHDIUDVHFRP(552GHFRQFRUGkQFLDGDSDODYUDPHVPR
$$3RUWXJXHVDPHVPRGHUURWDGDQmRFDLUiSDUDDVHJXQGD
GLYLVmR
%(ODPHVPDDUUXPRXWRGDDFDVD
&-RDQDpWHLPRVDPHVPR
'$VIROKDVUDVJDUDPVHSRUVLPHVPR
(1DPHVPDSUDoDQRPHVPRMDUGLP
9RFrDFKRXRHUUR"2JDEDULWRIRLDOHWUD'2FRUUHWRVHULD³DVIROKDV
UDVJDUDPVH SRU VL PHVPDV´ Mi TXH R YRFiEXOR p XP SURQRPH
GHPRQVWUDWLYRHSRUWDQWRYDULiYHO
1DVGHPDLVRFRUUrQFLDVDSDODYUD³PHVPR´p
DSDODYUDGHQRWDWLYDDLQGDTXHGHUURWDGDORJRLQYDULiYHO
EXPSURQRPHGHPRQVWUDWLYRFRUUHWDPHQWHIOH[LRQDGRFRQFRUGDQGR
FRPRSURQRPHSHVVRDOUHWR
FHVVH³PHVPR´WHPYDORUDGYHUELDOHODpUHDOPHQWHWHLPRVDHSRU
LVVRQmRYDULD
H DJRUD HVVH SURQRPH HVWi HP KDUPRQLD FRP R VXEVWDQWLYR
³MDUGLP´

 $1(;2 ,1&/862 -8172 1(1+80 /(62 2%5,*$'2
48,7( FRP YDORU DGMHWLYR VH IOH[LRQDP HP JrQHUR H Q~PHUR GH
DFRUGRFRPRWHUPRTXHPRGLILFDP
2EVHUYDomR$ORFXomRDGYHUELDOHPDQH[RILFDLQYDULiYHO
(QYLDPRVDQH[DVDVLQIRUPDo}HVDQH[RVRVGRFXPHQWRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


0XOKHUHVQHQKXPDVRDJUDGDYDP(OHVQmRVmRQHQKXQV
VDQWLQKRV
(VWDPRVTXLWHVFRPYRFr(VWRXTXLWHFRPYRFr
9LQKDPLQFOXVDVQDSDVWDDFDUWDHDSURFXUDomR
(ODVVDHPVHPSUHMXQWDV
$TXHOHVHUDPFULPHVGHOHVDSiWULDGHOHVRSDWULRWLVPROHVDV
UD]}HV
9DPRVEHPREULJDGRVJUDWRVDJUDGHFLGRV

$SDODYUD-8172VyILFDLQYDULiYHOTXDQGRID]SDUWHGHXPDORFXomR
SUHSRVLWLYD SUHSRVLomR ID] SDUWH GD FODVVH GH SDODYUDV LQYDULiYHLV
FRPRMXQWRFRPMXQWRD
3RU LVVR QDGD GH ³QyV YDPRV FKHJDU MXQWR´ 2 FRUUHWR VHULD ³QyV
YDPRVFKHJDUMXQWRV´
$Wp SRUTXH YRFr Mi GHYH HVWDU PHLR ³YHOKLQKRD´ SDUD XVDU JtULDV
FRPR ³HODH QmR FKHJD MXQWR´ QR VHQWLGR GH ³FRUUHVSRQGHU jV
H[SHFWDWLYDV´RXFRLVDVDILQVUV
(VVDH[SUHVVmRVypDGPLVVtYHOQDOLQJXDJHPFRORTXLDOYXOJDU
1yVVDtPRVMXQWRVDOPRoDPRVMXQWRVPDVHOHQmR³FKHJRXMXQWR´
UV



9DPRVDQDOLVDUXPDTXHVWmRGHSURYD
-XOJXH VH D DVVHUWLYD DEDL[R HVWi GH DFRUGR FRP D QRUPD FXOWD
HVFULWD
$SyVXPORQJRSHUtRGRGHGLILFXOGDGHVHVWRXILQDOPHQWHTXLWHV
FRPWRGRVRVPHXVFUHGRUHV
$ FRQVWUXomR DSUHVHQWD HUUR GH FRQFRUGkQFLD QRPLQDO 2 DGMHWLYR
³TXLWH´GHYHVHIOH[LRQDUGHDFRUGRFRPRQRPHRXSURQRPHDTXHVH
UHIHUH QR FDVR DR SURQRPH SHVVRDO UHWRHX LGHQWLILFDGR D SDUWLU GD
GHVLQrQFLD YHUEDO ³HVWRX´ ILFDQGR QR VLQJXODU ³HVWRX ILQDOPHQWH
TXLWHFRPWRGRVRVPHXVFUHGRUHV´

 6Ï 0(,2 %$67$17( &$52 %$5$72 FRQFRUGDP FRP R
VXEVWDQWLYRDTXHVHUHIHUHP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


6H IRUHP XVDGRV FRPR DGYpUELRV RX SDODYUDV GHQRWDWLYDV ILFDP
LQYDULiYHLV
(OHVHVWDYDPVyVQRDSDUWDPHQWRDGMHWLYRYDULiYHO
(OHVyTXHURQRVVREHP DSHQDV±SDODYUDGHQRWDWLYDLQYDULiYHO
$TXHODVURXSDVHVWDYDPEDUDWDVFDUDVDGMHWLYRVYDULiYHLV
2VJrQHURVDOLPHQWtFLRVSHUPDQHFHPFDURVEDUDWRVDGMHWLYRV±
YDULiYHLV
2VJrQHURVDOLPHQWtFLRVFXVWDPFDUREDUDWRDGYpUELRV
LQYDULiYHLV
(ODHVWDYDPHLRHPEULDJDGDSHORVXFHVVRDGYpUELRLQYDULiYHO
6XDVLGHLDVHUDPEDVWDQWHLQWHUHVVDQWHV PXLWR±DGYpUELR±
LQYDULiYHO
&RPSUDUDPGXDVPHLDVHQWUDGDVSDUDRHVSHWiFXORQXPHUDO
(QIUHQWDPRVEDVWDQWHVSUREOHPDVGLItFHLVSURQRPHLQGHILQLGR±
YDULiYHO

$ H[SUHVVmR D VyV ILFD 6(035( LQYDULiYHO SRU VHU XPD ORFXomR

DGYHUELDO
(ODJRVWDGHHVWDUDVyV

$H[SUHVVmRSRUVLVyVHIOH[LRQDFRPRVXEVWDQWLYRRXSURQRPHHP
UHIHUrQFLD
$VQRWtFLDVSRUVLVyVQmRIRUDPVXILFLHQWHVSDUDDFDOPiOD


9DPRVYHURXWUDTXHVWmRGHSURYD
)*9
$VVLQDOHDDOWHUQDWLYDFXMDFRQFRUGkQFLD1­2HVWiGHDFRUGR
FRPRVSDGU}HVFXOWRV
$(ODHVWiPHLRFDQVDGD
%(OHVHVWmRPHLRFDQVDGRV
&(OHVHVWmRPHLRVFDQVDGRV
'(OHHVWiPHLRFDQVDGR
9RFr GHYH WHU FRQVLGHUDGR HVWD TXHVWmR EHP PDLV IiFLO TXH DV
GHPDLV $ SDODYUD 0(,2 FRP YDORU DGYHUELDO SHUPDQHFH
,19$5,È9(/ 1D G~YLGD WHQWH WURFDU SRU RXWUR DGYpUELR FRPR
08,72³(ODHVWi08,72FDQVDGD´³(OHVHVWmR08,72FDQVDGRV´9LX

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


Vy" 6H QmR KRXYH DOWHUDomR FRP 08,72 WDPEpP QmR KDYHUi FRP
0(,2
 0(126  ILFD 6(035( LQYDULiYHO TXDOTXHU TXH VHMD D VXD
FODVVLILFDomRSURQRPHDGYpUELR
9LHUDPPHQRVSHVVRDVTXHRHVSHUDGRSURQRPHLQGHILQLGR
&RPDPHQRVDGYpUELR
0216752$/(57$36(8'2±ILFDP,19$5,È9(,6
2VVROGDGRVHVWDYDPDOHUWDDGYpUELR
+iQRJRYHUQRDOJXQVSVHXGRLQWHOHFWXDLVHOHPHQWRGHFRPSRVLomR
(OHVHUDPFULDWXUDVPRQVWURIRUPDGRDSDUWLUGHGHULYDomR
LPSUySULDRXVHMDRULJLQDOPHQWHHUDXPVXEVWDQWLYRHIRLXVDGR
FRPRDGMHWLYR
-i H[LVWH UHJLVWUR QR 'LFLRQiULR (OHWU{QLFR $XUpOLR GD SDODYUD DOHUWD
FRPYDORUDGMHWLYRFDVRHPTXHVHWRUQDYDULiYHO
1DGDOKHVHVFDSDVmRKRPHQVDOHUWDV


3DUDWUHLQDUPRVTXHWDOPDLVXPDTXHVWmRGHSURYD"9DPRVOi
)*9
$DOWHUQDWLYDFRUUHWDTXDQWRjFRQFRUGkQFLDQRPLQDOp
$ $HPSUHJDGDPHVPRYLXWXGR
% -iIL]LVVREDVWDQWHYH]HV
& 3DVVDGRDFULVHYROWDUDP
'$VIUXWDVFKHJDUDPPHLRHVWUDJDGDV
9DPRVDQDOLVDUFDGDXPDGDVRSo}HV
D 2 SURQRPH GHPRQVWUDWLYR 0(602 GHYH FRQFRUGDU FRP R QRPH
(035(*$'$ 6H YRFr HVWLYHU DFKDQGR HVWUDQKR WURTXH R QRPH SRU
XPSURQRPH³(ODPHVPDYLXWXGR´
E 2V YRFiEXORV 08,72 H %$67$17( WDQWR SRGHP VHU SURQRPHV
LQGHILQLGRVFRPRDGYpUELRV$GLIHUHQoDHVWiQRHPSUHJRHQDIOH[mR
2V DGYpUELRV PRGLILFDP DGMHWLYRV YHUERV RX RXWURV DGYpUELRV H
SHUPDQHFHP LQYDULiYHLV 2V SURQRPHV LQGHILQLGRV SRGHP PRGLILFDU
VXEVWDQWLYRVFRQFRUGDQGRFRPHOHVHPJrQHURHQ~PHUR9HMDDJRUD
D TXH FODVVH GH SDODYUD SHUWHQFH R YRFiEXOR PRGLILFDGR SRU

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


³%$67$17(´ ³-i IL] LVVR EDVWDQWH YH]HV´ (VWi PRGLILFDQGR R
VXEVWDQWLYR9(=(6/RJRVySRGHVHUXPSURQRPHLQGHILQLGRHGHYH
VHIOH[LRQDUEDVWDQWHVYH]HVPXLWDVYH]HV
F 3HUJXQWR D YRFr R TXH SDVVRX" 5HVSRVWD ³D FULVH´ (QWmR R
SDUWLFtSLR³SDVVDGR´GHYHFRPHVWHVXEVWDQWLYRFRQFRUGDU³3DVVDGDD
FULVH´
G &RPR Mi YLPRV DQWHULRUPHQWH R YRFiEXOR 0(,2 SRGH WHU YDORU
DGYHUELDO DVVLP FRPR R 08,72 1D G~YLGD WURTXH XP SHOR RXWUR
SDUD YHULILFDU VH Ki IOH[mR 6H QmR KRXYHU FRQILUPDVH R HPSUHJR
FRPR DGYpUELR H QmR XPD FODVVH GH SDODYUDV YDULiYHO ³$V IUXWDV
FKHJDUDP PXLWR HVWUDJDGDV´ Î ³$V IUXWDV FKHJDUDP PHLR
HVWUDJDGDV´(VWiFRUUHWDDRUDomRGDRSomR'

8PHRXWUR1HPXPQHPRXWUR
&RPHVVDVFRQVWUXo}HVRVXEVWDQWLYRSHUPDQHFHQRVLQJXODUPDV
RDGMHWLYRYDLSDUDRSOXUDO
%,=8 &RPR RV HOHPHQWRV VmR OLJDGRV SRU HOHPHQWRV DGLWLYRV (
1(0 Ki DSHQDV XP VXEVWDQWLYR VH UHIHULQGR D FDGD XP GHOHV
VLQJXODUPDVRDGMHWLYRVHUHIHUHDWRGRVSOXUDO
+RXYHXPHRXWURKRPHPHVFROKLGRVSDUDRFDUJR
2GHOHJDGRQmRDSXURXQHPXPQHPRXWURFULPHSUDWLFDGRV
8PHRXWURDOLPHQWRQDWXUDLV
6H YRFr HVWLYHU DFKDQGR HVVD FRQVWUXomR IHLD HVSHUH DWp FKHJDU D
KRUDGHIDODUPRVVREUHDFRQFRUGkQFLDYHUEDOQHVVHVFDVRV

 PDLVPHQRV 
26$6 PHOKRUHVSLRUHV SRVVtYHOHLV
 PDLRUHVPHQRUHV
 TXDOTXHUDGMHWLYR


2DGMHWLYR³SRVVtYHO´VHJXHRTXHLQGLFDRDUWLJR³RDRVDV´
6HHVWLYHUQRSOXUDORVDVRDGMHWLYR³SRVVtYHO´WDPEpPVHIOH[LRQD
SRVVtYHLV
6HILFDUQRVLQJXODURDDVVLPWDPEpPILFDRDGMHWLYRSRVVtYHO


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL




$ H[SUHVVmR ³R PDLV SRVVtYHO´ SRGH VHU FRQVLGHUDGD XPD ORFXomR
DGYHUELDOLQYDULiYHOHTXLYDOHQWHD³PXLWR´RX³EDVWDQWH´HQTXDQWR
TXH D H[SUHVVmR RV PDLV SRVVtYHLV SRGHULD VHU FRQVLGHUDGD XPD
ORFXomRDGMHWLYDYDULiYHOHTXLYDOHQWHDXPVXSHUODWLYR
&RQKHFLPXOKHUHVRPDLVHQFDQWDGRUDVSRVVtYHOPXLWR
HQFDQWDGRUDV
+DYLDPHVWUHVRVPDLVLQWHOLJHQWHVSRVVtYHLVLQWHOLJHQWtVVLPRV

$ROKRVYLVWRV
(VVDH[SUHVVmRSRGHILFDULQYDULiYHOORFXomRDGYHUELDORXDSDODYUD
YLVWRFRQFRUGDUFRPRVXEVWDQWLYRDTXHVHUHIHUH
(ODWHPSLRUDGRDROKRVYLVWRVDROKRVYLVWD

+DMDYLVWD
(VVD H[SUHVVmR HVWi VHPSUH FHUWD TXDQGR LQYDULiYHO HTXLYDOHQWH D
³9HMD´
8PD RXWUD SRVVLELOLGDGH GH FRQVWUXomR p FRP R VXEVWDQWLYR YLVWD
,19$5,È9(/ 6(035( H R YHUER VH IOH[LRQDQGR GH DFRUGR FRP R
VXEVWDQWLYRTXHVHVHJXH
+DMDYLVWDRUHVXOWDGR
+DMDYLVWD+DMDPYLVWDRVUHVXOWDGRV
+DMDYLVWD+DMDPYLVWDDVGLILFXOGDGHVSRUTXHSDVVDPRV
8PD WHUFHLUD IRUPD DSUHVHQWDGD SRU DOJXQV DXWRUHV p ,19$5,È9(/
FRPDSUHSRVLomR³D´RX³GH´
+DMDYLVWDDRUHVXOWDGR
+DMDYLVWDGRUHVXOWDGR
1mR p SRVVtYHO QHQKXPD FRQVWUXomR FRP ³YLVWR´ SURYDYHOPHQWH
UHVXOWDQWH GH ³FRQWDPLQDomR´ GDV H[SUHVV}HV ³YLVWR TXH´ RX ³YLVWR
FRPR´


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL




8PDERDPDQHLUDGHOHPEUDUDVGXDV~OWLPDVUHJUDVpHQTXDQWRQR
FDVR  TXHP SRGH VH IOH[LRQDU p 9,672 ³D ROKRV YLVWRV  YLVWD 
YLVWR  YLVWDV QR  HVVD SDODYUD p ,1)/(;Ë9(/ ³KDMD  KDMDP
YLVWD


%(6&
$VVLQDOHDDOWHUQDWLYDDFHLWiYHOVHJXQGRDQRUPDFXOWD
$(ODPHVPRTXLVVHDSUHVHQWDUSDUDDGLUHWRULD
%+iEDVWDQWHFRLVDVDVHUHPIHLWDVDQWHVGDFKHJDGDGRQRVVR
GLUHWRU
&$TXHOHVIXQFLRQiULRVVmRRPDLVFDSDFLWDGRVSRVVtYHO
'(OHVSHGLUDPHPSUHVWDGRDFDL[DGHGRFXPHQWRV
($QH[RVHJXHRVGRFXPHQWRV
2JDEDULWRIRLDOHWUD&1RWHTXHRDGMHWLYR³SRVVtYHO´VHJXHDIOH[mR
GRDUWLJR³R´±WXGRQRVLQJXODU
2VHUURVGDVGHPDLVRSo}HVVmR
D ³(OD PHVPD TXLV VH DSUHVHQWDU SDUD D GLUHWRULD´ ± R SURQRPH
GHPRQVWUDWLYR GHYH FRQFRUGDU FRP R QRPHSURQRPH D TXH ID]
UHIHUrQFLD
E$JRUDRYRFiEXOR³EDVWDQWH´pXPSURQRPHLQGHILQLGR1DG~YLGD
WURTXH SRU ³PXLWR´ H YHMD FRPR ILFDULD ³+i PXLWDV FRLVDV´Î ³+i
EDVWDQWHVFRLVDV´
G 2 DGMHWLYR ³HPSUHVWDGR´ GHYH FRQFRUGDU FRP R REMHWR GLUHWR
³FDL[DGHGRFXPHQWRV´FXMRQ~FOHRpUHSUHVHQWDGRSRUFDL[D$VVLP
D IRUPD FRUUHWD VHULD ³(OHV SHGLUDP HPSUHVWDGD D FDL[D GH
GRFXPHQWRV´ (VVH p XP GRV FDVRV GH $'-(7,92 QD IXQomR GH
35(',&$7,92'22%-(72DVHUDQDOLVDGRQR³&DVR´PDLVDGLDQWH
H2YRFiEXOR³DQH[R´WHPYDORUDGMHWLYRGHYHQGRFRQFRUGDUFRPR
VXEVWDQWLYRFRUUHVSRQGHQWH$OpPGHVVHHUURKRXYHWDPEpPXPGH
FRQFRUGkQFLDYHUEDOMiTXHRVXMHLWRp³RVGRFXPHQWRV´PDVHVVHp
DVVXQWRSDUDDSUy[LPDDXOD$IRUPDFRUUHWDVHULD³$QH[RVVHJXHP
RVGRFXPHQWRV´

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL




&DVR$'-(7,92QDIXQomRGH35(',&$7,92'268-(,72
(P SUHGLFDGRV QRPLQDLV FRP YHUERV GH OLJDomR (OHV SDUHFHP
SUHRFXSDGRV  (ODV HVWmR WULVWHV RX HP SUHGLFDGRV YHUER
QRPLQDLVFRPYHUERVLQGLFDWLYRVGHDomRDVVRFLDGRVDDGMHWLYRVTXH
VH UHIHUHP DR VXMHLWR (OHV VDtUDP GR HVFULWyULR SUHRFXSDGRV  (ODV
SDVVDUDP D WDUGH WULVWHV WHPRV D IXQomR VLQWiWLFD GH SUHGLFDWLYR
GRVXMHLWR
(VVD IXQomR TXH SRGH VHU H[HUFLGD SRU XP VXEVWDQWLYR RX XP
DGMHWLYR PHVPR GLVWDQWH DWULEXL DR VXMHLWR XP HVWDGR FRQGLomR
FDUDFWHUtVWLFD
1HVVHV FDVRV R DGMHWLYR QmR GHFLGH QDGD VR]LQKR (OH VHPSUH YDL
VHJXLURFDPLQKRTXHRYHUERHVFROKHU
6XMHLWRFRPSRVWRDQWHSRVWR
4XDQGRRVXMHLWRFRPSRVWRpDSUHVHQWDGRDQWHVGRYHUERVHJXHVHD
UHJUDJHUDO±RYHUERHRDGMHWLYRFRQFRUGDPFRPRVXMHLWR
2DPRUHDFRPSUHHQVmRKXPDQRVHVWDYDPPRUWRV

 6XMHLWR FRPSRVWR SRVSRVWR DGMHWLYR FRQFRUGD FRP R
YHUER
(VWD FRQFRUGkQFLD QRPLQDO VH UHSRUWD D XPD UHJUD GD FRQFRUGkQFLD
YHUEDO4XDQGRRVXMHLWRFRPSRVWRYHPDSyVRYHUERIRUDGDRUGHP
GLUHWDRXVHMDSULPHLURYHPRSUHGLFDGRHGHSRLVRVXMHLWRRYHUER
SRGH FRQFRUGDU FRP R SULPHLUR HOHPHQWR GR VXMHLWR FRPSRVWR
FRQFRUGkQFLDDWUDWLYDRXFRPWRGRVHOHVFRQFRUGkQFLDJUDPDWLFDO
2 DGMHWLYR VHJXLUi D GHFLVmR GR YHUER 6H R YHUER IRU SDUD R SOXUDO
DVVLP VH IOH[LRQDUi R DGMHWLYR 6H R YHUER UHDOL]DU D FRQFRUGkQFLD
FRPRSULPHLURHOHPHQWRFRPHOHRDGMHWLYRFRQFRUGDUiHPJrQHURH
Q~PHUR
(VWDYDPRUWRRDPRUHDFRPSUHHQVmRKXPDQDKXPDQRV
(VWDYDPRUWDDFRPSUHHQVmRHRDPRUKXPDQRKXPDQRV
(VWDYDPPRUWRVRDPRUHDFRPSUHHQVmRKXPDQDKXPDQRV

 6XMHLWR QmRGHWHUPLQDGR VH R VXMHLWR VH PRVWUD YDJR
JHQpULFRRDGMHWLYRILFDLQYDULiYHOHPH[SUHVV}HVFRP³pSUHFLVR´³p
ERP´³pQHFHVViULR´HHTXLYDOHQWHV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


eSURLELGRHQWUDGDGHHVWUDQKRV
&HUYHMDSUHWDpERPSDUDDVODFWDQWHV

 6XMHLWR GHWHUPLQDGR D IOH[mR GR DGMHWLYR VH WRUQD SRVVtYHO
TXDQGR QHVVDV FRQVWUXo}HV R VXMHLWR HVWi DFRPSDQKDGR GH XP
GHWHUPLQDQWHQXPHUDODUWLJRSURQRPH
eSURLELGDDHQWUDGDGHHVWUDQKRV
(VWDFHUYHMDpERDSDUDDVODFWDQWHV


&DVR$'-(7,92QDIXQomRGH35(',&$7,92'22%-(72
2V YHUERV TXH SHUPLWHP HVVH WLSR GH FRQVWUXomR VmR RV FKDPDGRV
YHUERVWUDQVREMHWLYRV$OpPGHVHUHPWUDQVLWLYRVGLUHWRVGHOHVVH
H[LJH PDLV DOJXPD LQIRUPDomR WUD]LGD SHOR HOHPHQWR TXH H[HUFH D
IXQomR GH SUHGLFDWLYR GR REMHWR WUDQVREMHWLYR  YDL DOpP GR
REMHWRÎÎSUHGLFDWLYRGRREMHWR
6mRYHUERVFRPRMXOJDUFRQVLGHUDUFKDPDUHQFRQWUDUHRXWURV1mR
VH SRGH GLVSHQVDU D LQIRUPDomR WUD]LGD SHOR SUHGLFDWLYR GR REMHWR
VREULVFRGHVHSUHMXGLFDUDFRHUrQFLDRUDFLRQDO
2M~ULFRQVLGHURXRUpX
9RFr SHUFHEHX TXH ILFRX IDOWDQGR DOJXPD FRLVD" $TXLOR TXH VH GL] D
UHVSHLWR GR UpX R TXH IRL FRQVLGHUDGR D VHX UHVSHLWR p R HOHPHQWR
TXHH[HUFHHVVDIXQomRGHSUHGLFDWLYRGRREMHWR
8PDERDPDQHLUDGHVHGLVWLQJXLURDGMHWLYRTXHH[HUFHDIXQomRGH
DGMXQWR DGQRPLQDO GDTXHOH TXH H[HUFH D IXQomR GH SUHGLFDWLYR GR
REMHWR p VXEVWLWXLU R VXEVWDQWLYR REMHWR GLUHWR SRU XP SURQRPH
iWRQRFRUUHVSRQGHQWH([HPSOR

D &RQWH[WR +DYLD PXLWRV GLDV TXH PHX FDYDOR GH HVWLPDomR
PRUUHUDPDVVHXFRUSRQmRKDYLDVLGRHQFRQWUDGR$WpTXHXPGLD
DQGDQGRSHORFDPSRHQFRQWUHLRFDYDORPRUWRÎ ÎHQFRQWUHLR
4XDQGR R DGMHWLYR DFRPSDQKD R VXEVWDQWLYR H WRGRV RV GRLV ±
VXEVWDQWLYR H DGMHWLYR  VmR VXEVWLWXtGRV SHOR SURQRPH R DGMHWLYR
HVWDUiH[HUFHQGRDIXQomRGHDGMXQWRDGQRPLQDO
E&RQWH[WR+DYLDPXLWRVGLDVTXHPHXFDYDORGHHVWLPDomRVXPLUD
1LQJXpP VDELD GH VHX SDUDGHLUR $Wp TXH XP GLD DQGDQGR SHOR
FDPSRHQFRQWUHLRFDYDORPRUWRÎ ÎHQFRQWUHLRPRUWR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


1HVWHFDVRRDGMHWLYRSHUPDQHFHQDRUDomRPHVPRDSyVDWURFDGR
VXEVWDQWLYR SHOR SURQRPH ,VVR VLJQLILFD TXH HVVD LQIRUPDomR p
QHFHVViULDSDUDDFRPSUHHQVmRSHOROHLWRURXYLQWH$IXQomRH[HUFLGD
SHORDGMHWLYRQHVWHFDVRpDGHSUHGLFDWLYRGRREMHWR
$JRUD TXH R VLJQLILFDGR GD IXQomR GH SUHGLFDWLYR GR REMHWR IRL
DSUHVHQWDGRYROWDUHPRVDIDODUVREUHDFRQFRUGkQFLDQRPLQDOFRPR
DGMHWLYRTXHH[HUFHHVWDIXQomReEHPVLPSOHV


6H R DGMHWLYR HVWLYHU QD IXQomR GH 35(',&$7,92 '2 2%-(72
48$/48(548(6(-$68$326,d­2(05(/$d­2$268%67$17,92
DQWHSRVWR RX SRVSRVWR D ~QLFD FRQFRUGkQFLD DGPLWLGD p D
JUDPDWLFDO FRP WRGRV RV HOHPHQWRV ([HPSOR (QFRQWUHL R FDYDOR
HDYDFDPRUWRV(QFRQWUHLPRUWRVDYDFDHRFDYDOR

2EMHWRVLPSOHVDGMHWLYRFRQFRUGDHPJrQHURHQ~PHUR
(QFRQWUHLWULVWRQKDDPXOKHUDEDQGRQDGD

 2EMHWR FRPSRVWR DGMHWLYR ILFD QR SOXUDO
LQGHSHQGHQWHPHQWH GH HVWDU DQWHSRVWR RX SRVSRVWR &RPR
VHPSUH KDYHQGR JrQHURV GLIHUHQWHV SUHYDOHFH R PDVFXOLQR p D
YLGDID]HURTXr"""
(QFRQWUHLWULVWRQKRVDPXOKHUHRUDSD]


9RFrDLQGDVHOHPEUDGRFRPHQWiULRjTXHVWmRGHSURYDDSOLFDGDSHOR
%(6&QRLWHPGDQRVVDDXOD"
1DTXHOH PRPHQWR IDODPRV VREUH D H[SUHVVmR ³SHGLU HPSUHVWDGR´
(QWmR YDPRV DQDOLVDU RXWUD TXHVWmR GH SURYD GHVWD YH] HODERUDGD
SHOD)XQGDomR-RmR*RXODUW
+iPiFRQVWUXomRJUDPDWLFDOTXDQWRjFRQFRUGkQFLDHP
$ 2V PpGLFRV FRQVLGHUDYDP LQHYLWiYHO QRV SDFLHQWHV SHTXHQDV
DOWHUDo}HVSVLFROyJLFDV
% $V LQWHUQDo}HV SRU VL VyV Mi FDXVDP FHUWRV GLVW~UELRV
SVLFROyJLFRVDRVSDFLHQWHV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


&8PDHRXWUDDOWHUDomRSVLFROyJLFDSRGHPDIHWDURVSDFLHQWHV
KRVSLWDOL]DGRV
''LVW~UELRVHDOWHUDo}HVSVLFROyJLFRVVmRQRUPDLVHPSDFLHQWHV
KRVSLWDODUHV

2 JDEDULWR IRL D OHWUD $ 2EVHUYH XP FOiVVLFR FDVR GH YHUER
WUDQVREMHWLYR±&216,'(5$5
(XFRQVLGHURDTXHOHUDSD]
)LFRXIDOWDQGRDOJXPDFRLVDQmRp"2TXHIDOWRXIRLRSUHGLFDWLYRGR
REMHWR RX VHMD R TXH VH UHIHUH jTXHOH UDSD] D FRQVLGHUDomR TXH
ID]HPRVGHOH
1D FRQVWUXomR ³2V PpGLFRV FRQVLGHUDYDP LQHYLWiYHO QRV SDFLHQWHV
SHTXHQDVDOWHUDo}HVSVLFROyJLFDV´SHUJXQWDVHRTXHHUDLQHYLWiYHO"
5HVSRVWD³SHTXHQDVDOWHUDo}HVSVLFROyJLFDV´
&RPRRQ~FOHRGR REMHWRGLUHWRpDOWHUDo}HVRDGMHWLYRQDIXQomR
GH SUHGLFDWLYR GR REMHWR GHYH VH IOH[LRQDU HP Q~PHUR SOXUDO ³2V
PpGLFRV FRQVLGHUDYDP LQHYLWiYHLV QRV SDFLHQWHV SHTXHQDV
DOWHUDo}HVSVLFROyJLFDV´
(VVD TXHVWmR VHULD SDVVtYHO GH UHFXUVR ± YRFr SHUFHEHX R SRUTXr"
&RPRYLPRVQRLWHPFRPDHVWUXWXUD³XPHRXWUR´RX³XPDH
RXWUD´ WDQWR ID]UV R VXEVWDQWLYR ILFD QR VLQJXODU PDV R
DGMHWLYRYDLSDUDRSOXUDO$VVLPDRSomR&GHYHULDVHU³XPDHRXWUD
DOWHUDomR36,&2/Ï*,&$6´+DYHULDDVVLPGXDVUHVSRVWDVYiOLGDV$
H&OHYDQGRDTXHVWmRjDQXODomR

&DVR',67,1d­2(175(0,/0,/+­2(0,/+$5(6
 0,/ ± 4XDQGR YRFr SUHHQFKH XP FKHTXH QR YDORU GH 5
 WHQKR FHUWH]D GH TXH FRORFD R ³XP´ DQWHV GH ³PLO´
DFHUWHL"&HUWDPHQWHFRORFDDWpDOHWUD+DQWHVGHVVH³XP´DFHUWHL
QRYDPHQWH"
7XGR EHP TXH YRFr IDoD LVVR SDUD HYLWDU IUDXGHV PDV QD KRUD GD
SURYDHVTXHoDHVVHKiELWR1HVWHFDVRRQXPHUDOYHPVR]LQKRPLO
UHDLV $ SDUWLU GH ³GRLV´ R QXPHUDO FRQFRUGD FRP R VXEVWDQWLYR
GXDVPLOPXOKHUHVGRLVPLOKRPHQV
 0,/+­2  2 QXPHUDO PLOKmR FRPR RV GHPDLV QXPHUDLV
SHUWHQFH j FODVVH GDV SDODYUDV YDULiYHLV $VVLP GHYHUi FRQFRUGDU
FRPDSDUWHLQWHLUDGRQXPHUDOFDUGLQDODHOHUHODFLRQDGR
$TXHODHPSUHVDLQYHVWLXPLOKmRGHUHDLVHPQRYRV
HTXLSDPHQWRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


2 DUWLJR H R QXPHUDO TXH R DQWHFHGHUHP GHYHP FRQFRUGDU FRP HOH
QRPDVFXOLQR
2VGRLVPLOK}HVGHiUYRUHVSODQWDGDVDJRUDUHFREUHPWRGDDiUHD
9HMDDJRUDXPDTXHVWmRGDSURYDGD(6$)VREUHRDVVXQWR
8PHPSUHJRQRYRQDLQG~VWULDVLGHU~UJLFDFXVWDPLOKmR
GHUHDLV1RYDUHMRXP~QLFRHPSUHJRH[LJHRGLVSrQGLRGH
DOJRHPWRUQRGHUHDLVRFXVWRGRHVSDoRQDORMDGR
EDOFmRHGRHVWRTXHGHPHUFDGRULDV
-XOJXHDDVVHUomRDEDL[RHPVHXVDVSHFWRVJUDPDWLFDLV
 ¬ OLQKD  VHULD WDPEpP FRUUHWR HVFUHYHUVH  PLOK}HV
GHUHDLV
(VWDULDLQFRUUHWDDFRQFRUGkQFLDHP³PLOK}HVGHUHDLV´&RPRD
SDUWH LQWHLUD p UHSUHVHQWDGD SHOR DOJDULVPR µ¶ R QXPHUDO PLOKmR
GHYHUiILFDUQRVLQJXODU³PLOKmRGHUHDLV´
 0,/+$5(6 ± 3RGH VHU FODVVLILFDGR FRPR QXPHUDO RX
VXEVWDQWLYR 'H TXDOTXHU IRUPD p 0$6&8/,12 GHYHQGR
SHUPDQHFHUQHVWHJrQHURTXDOTXHUTXHVHMDRVHXFRPSOHPHQWR
0XLWRVGRVPLOKDUHVGHEDWLGDVGHWUkQVLWRVmRIUXWRGD
LPSUXGrQFLD


(6$) 1DV TXHVW}HV VHJXLQWHV PDUTXH R LWHP VXEOLQKDGR

TXHDSUHVHQWDHUURJUDPDWLFDORXGHRUWRJUDILD

$FUHGLWR TXH D PDLRU SDUWH GRV VHQKRUHV VDEH$ TXH D

6HFUHWDULD GH (GXFDomR p JLJDQWHVFD SRU LVVR% VH WHP
PXLWD GLILFXOGDGH GH JHUHQFLDPHQWR e FRPSRVWD& SRU 
PLOK}HV' GH DOXQRV (VWD TXDQWLGDGH GH DOXQRV p PDLRU GR
TXH(DSRSXODomRGHPXLWDVFDSLWDLVQR%UDVLO

D$
E%
F&
G'
H(

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
 &XUVR5HJXODU7HyULFR
$XOD±6LQWD[HGH&RQFRUGkQFLD±3DUWH
3URI&ODXGLD.R]ORZVNL


2 JDEDULWR IRL D OHWUD ' &RPR D SDUWH LQWHLUD p UHSUHVHQWDGR SHOR
DOJDULVPRµ¶RQXPHUDOPLOKmRTXHSHUWHQFHjFODVVHGDVSDODYUDV
YDULiYHLV GHYHUi FRQFRUGDU FRP HOH ILFDQGR QR VLQJXODU ± ³
PLOKmRGHDOXQRV´
1D SUy[LPD DXOD HVWXGDUHPRV RV FDVRV GH FRQFRUGkQFLD
YHUEDO H WHUHPRV XPD EDWHULD GH TXHVW}HV GH SURYD SDUD D
IL[DomR
$WpOi

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL